oil price drops below zero

47fivewindow · Apr 20, 2020

The Washington Post reported oil was selling in negative dollars due to lack of storage.
try this link

SVcummins · Apr 20, 2020

Payday can?t come fast enough ! Finally somebody besides me Is getting screwed on fuel

ss55 · Apr 20, 2020

Uh-oh!

john in la · Apr 20, 2020

This is speculators selling paper before it becomes oil.

What happened is investors bought future oil thinking the price would go up. It did not. This paper oil becomes need a tank to store it oil at close of business tomorrow.

In a effort to get rid of it because they have no storage they are paying companies with tanks to take it. Hence the negative price today.

When you play the futures game some times you are the windshield and some times you are the bug.

rrman61 · Apr 20, 2020

Oou oou does that mean ?they? will pay ?us? to get gas? Lol but seriously being from an oil producing state that?s not good to say the least

Dieseltech · Apr 20, 2020

Yes, when it comes to futures some days you're the dog, some days the hydrant...

john in la · Apr 20, 2020

The guys with a oil tank made big bucks today.

At one point today you could have made Fred pay you $40 a barrel for May delivery and turned around five seconds later at sold it to peter for June delivery for over $20. That?s 60 a barrel profit for storing the oil one month.

Northvale PA · Apr 20, 2020

Here is the worry, oil producers and refineries begin to shut down instead of losing money. Shortages of refined fuel begin to happen. Just when we thought cheap oil was good. Oh boy.

jimg.allentown · Apr 20, 2020

Well, who produces the oil? Big oil companies. With the record profits they have made over the years, I suppose they can afford to lose a little of it once in a while.

Hard to find any sympathy for them.

DoubleO7 · Apr 20, 2020

(quoted from post at 21:38:24 04/20/20) Here is the worry, oil producers and refineries begin to shut down instead of losing money. Shortages of refined fuel begin to happen. Just when we thought cheap oil was good. Oh boy.

Or more probable, the north american oil produces shut down.
The refineries still operate and buy the crude off the world market.

Lets burn up the oil from other countries.
When they go dry, we are the big dog in the oil patch.

Steve@Advance · Apr 20, 2020

Didn't we used to store oil underground?

Pump it back down depleted wells, and something about "salt domes"?

Maybe the tree huggers put a stop to that...

rrman61 · Apr 20, 2020

Oou oou does that mean ?they? will pay ?us? to get gas? Lol but seriously being from an oil producing state that?s not good to say the least

rrman61 · Apr 20, 2020

Sorry about the double post

Bob Harvey · Apr 20, 2020

SV, we here on the 'Sunshine Coast' of B.C. have been getting screwed every day for years on fuel. Questions have been asked to the gov't - not one single answer.

David G · Apr 20, 2020

I think futures are about $22, this is a paper game.

SVcummins · Apr 20, 2020

I don?t feel one bit bad for em I really don?t

504 · Apr 20, 2020

It is being reported that it takes $30.00 a barrel to make a profit in the USA. I would just as soon pay more and keep the money here. WE got to go back to work.

Richard from SE AZ · Apr 21, 2020

This mornings news stated that oil futures were -$40

Traditional Farmer · Apr 21, 2020

Will be a very bad thing for the USA in the long run as US producers shut down/go bankrupt and we will again be at the (NON) mercy of foreign oil producing countries.After this oil glut is used up look for dramatically higher prices.

Tony in SD · Apr 21, 2020

IMHO In the big picture, extreme high or low prices on anything seems to bite us in the butt in the future.

Dean · Apr 21, 2020

Here's a GREAT idea.

Dean
Fill er Up

DoubleO7 · Apr 21, 2020

(quoted from post at 22:13:23 04/20/20) Didn't we used to store oil underground?

Pump it back down depleted wells, and something about "salt domes"?

Maybe the tree huggers put a stop to that...

Yes, still do.
It is called the Strategic Petroleum Reserve.
Part in TX and part in LA.

Dean · Apr 21, 2020

Here's a good idea, 007.

Dean
Fill er Up

fusion · Apr 21, 2020

I agree with 504 I am old enough that I have seen this game before
these low prices now with come back and kick us in the butt.
I think our President is on the right track with what he has in mind to
play this game.
In the mean time if you have the storage capability buy diesel and store it .

730virgil · Apr 21, 2020

what would gas diesel cost at pump for $30 a barrel for oil?

1948CaseVAI · Apr 21, 2020

(quoted from post at 16:19:19 04/20/20) Oou oou does that mean ?they? will pay ?us? to get gas? Lol but seriously being from an oil producing state that?s not good to say the least

It is not good for any American. To keep the economy working we need for it to be in the $35-$40 range. There is a reason that in stable economies everything cannot be free.

buickanddeere · Apr 21, 2020

Electrical grid wholesale price in Ontario is 0.00 today. Unless generating subsidized power. Solar receives up to 80.2 cents per Kwhr. Gas 15 cents and wind 13 cents. No matter what the open market price is.

SVcummins · Apr 22, 2020

Welcome to farming we give our product away and unlike oil we can?t raise the price Anytime we feel like it

SVcummins · Apr 22, 2020

Well it still hasn?t dropped below 2 at the pump farm diesel is finally below 2

DoubleO7 · Apr 22, 2020

(quoted from post at 13:26:15 04/22/20) Welcome to farming we give our product away and unlike oil we can?t raise the price Anytime we feel like it

Yes you could but some other farmer would not.

Eldon (WA) · Apr 22, 2020

(quoted from post at 09:27:34 04/22/20) Well it still hasn?t dropped below 2 at the pump farm diesel is finally below 2

I paid $1.32 for off-road in northern Idaho Saturday. Road fuel was $1.90.

Eldon (WA) · Apr 22, 2020

(quoted from post at 07:40:46 04/21/20) what would gas diesel cost at pump for $30 a barrel for oil?

Depends on your state's taxes....

Buckeye Oliver collector · Apr 23, 2020

I have to agree. The oil men were not complaining when it was $4.25 to $4.75 a gallon 11, 12 years ago. They'll have to tighten their belts like the rest of the world. Good time to own a truck right now. I see a lot of them on the road. I put 6.583 gallons in mine last night for $10.00!

oil price drops below zero

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